Morning Market Quote : There is a sudden near-term positive change in global market mood Says Dr. V K Vijayakumar, Geojit Financial Services
Quote on Morning Market 22 November 2022 By Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services
"There is a sudden near-term positive change in global market mood that can influence the Indian market too. The US market construct has temporarily changed to ‘rising equity- falling bond yields - declining dollar index’ that can favour a near-term rally. But this construct can change quickly impacting market sentiments. There are no fundamental triggers that can lift markets to much higher levels. So a consolidation is likely in the Nifty 18050- 18350 range. FIIs have again turned sellers during the last 3 trading sessions and might sell again at higher levels. FII’s market action doesn’t reflect a coherent and consistent strategy. It appears that they are waiting for a clear trend in equity, bond and dollar indices. A clear trend in these indices can set the market direction, but it may not happen soon."
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